Europe’s largest lender HSBC on Tuesday reported first-quarter pre-tax profit of $9.4 billion, missing analysts’ estimates on the back of higher expected credit losses and other impairment charges.
HSBC’s revenue gained 6%, year on year, exceeding estimates, on stronger wealth fee and other income.
Here are HSBC’s first-quarter results compared with the consensus estimates compiled by the bank.
The lender’s first-quarter profit before tax fell to $9.4 billion, down from $9.5 billion a year earlier.
Expected credit losses of $1.3 billion were $400 million higher compared with the same period a year earlier, according to HSBC, linked to exposure to a financial sponsor in the UK and provisions owed to increased uncertainty and a worsening economic outlook due to the conflict in the Middle East.
